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UBS announces share split

UBS CEO, Marcel Ospel

(Keystone Archive)

The country's biggest bank, UBS, said on Thursday that it is changing its capital structure to bring it more in line with other global financial institutions.

The bank is planning a three for one share split after changes in Swiss law that will ease restrictions on minimum par value.

At the moment, the group's shares have a minimum par value of SFr10 ($6). When the new rules become effective, UBS will make a payout to reduce the value of its shares to SFr8.40.

It will then create three shares from one single share each with a par value of SFr2.80.

The changes are expected to take effect on July 18.

The bank also said on Thursday that it will pay a dividend of SFr1.6 per share on its fourth quarter results. It already paid a dividend of SFr4.50 per share in October 2000 for the first three quarters of last year following its acquisition of Paine Webber.

The total dividend for 2000 comes to SFr6.10 per share compared with a dividend of SFr.5.5 paid on 1999 results.

swissinfo with agencies


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